Iraq: Damage to oil sector estimated at over US$11 billion
Iraq has lost about $11.35 billion from damage to its oil infrastructure and lost revenue since crude exports resumed following the downfall of Saddam Hussein.
Assem Jihad, an oil ministry spokesman, told AFP that 300 acts of sabotage had been committed against Iraqi oil facilities between June 2003, when Iraq resumed exports, and May 31, 2005. Seventy acts of sabotage took place in the first five months of 2005.
Current Iraqi production hits more than two million barrels per day, mostly from fields in southern Iraq, of which 1.5mbpd was exported, Jihad disclosed.
There were still 11 significant fields in the south that would be put to tender, he added, which could add another three million bpd to the total output.
Iraq hopes to raise output up to six million bpd, but to reach that goal it would need between $15-25bn in investment, he said.
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